Many of us have been there. You see something you want, or an unexpected expense pops up, and you think, “It’s okay, I’ll just make it back next month.” It feels like a small, harmless thought at the moment. But this way of thinking can be a sneaky trap that quietly harms your financial stability over time. Believing you can easily fix money shortfalls later can lead to a pattern of putting off responsibility, which can cause serious money problems down the road.
This “I’ll make it back next month” approach is about justifying spending more than you have, dipping into savings, or taking on debt right now because you believe future you will sort it all out. It’s like hitting snooze on your financial alarm clock, giving a false sense of security while you spend more than you planned. This can be a big money pitfall because it lets you think you can recover without a solid plan.
How This “Next Month” Habit Shows Up in Daily Life
This thinking can appear in many ways:
- Spending too much on wants: Buying non-essential items like new gadgets, frequent meals out, or unplanned trips, assuming next month’s paycheck will cover it. People often tell themselves, “I work hard, I deserve this.”
- Using savings for everyday things: Taking money from savings meant for big goals or real emergencies to pay for current wants, planning to put it back quickly. Someone might even think it’s better to save nothing for two months than to save some money and then take out double the next month.
- Relying on credit for daily costs: Using credit cards or short-term loans to cover the gap between what you earn and what you spend, thinking you’ll handle the repayments easily later. “Buy Now Pay Later” options make this very tempting.
- Feeling pressured by others or social media: Spending to keep up with friends or lifestyles you see online, thinking any money setback is just temporary. Social media often shows an unrealistic picture that pressures us to spend.
- Ignoring small debts: Letting small debts or many installment payments pile up, thinking you can clear them all “next month” without realizing how much they add up.
When this way of thinking is common, especially in places with a high cost of living or where easy credit is everywhere, it’s hard to see it as a danger. Each time you do it, it might seem like a small, one-off thing. The real problem is when these small choices add up, leading to big financial trouble.
Why Is It So Easy to Fall into This Trap?
This isn’t just about poor planning. Our own minds often play tricks on us, making this “I’ll make it back next month” idea seem reasonable.
- The Optimism Trap (“Things will be better next month”): We naturally tend to believe good things are more likely to happen to us and bad things are less likely. Financially, this means we might assume we’ll earn more money next month, get a surprise bonus, or have fewer expenses. So, covering today’s overspending seems easy. This makes us underestimate the difficulty of catching up.
- The Planning Problem (“It’ll be easy to recover”): We often underestimate how much time, effort, or money it will take to do something in the future, and we overestimate the good outcomes. When it comes to money, we misjudge how hard it will be to earn extra or cut back enough to make up for what we spent. We don’t always think about problems that might pop up or how hard it is to change spending habits.
- Wanting Things Now (“The future can wait”): People often choose smaller, immediate rewards over larger, later ones. The value of a future reward seems smaller the longer you have to wait for it. This “present bias” makes us focus on immediate satisfaction. So, the instant pleasure of a purchase feels more important than long-term savings or avoiding debt. “I’ll make it back next month” becomes a handy excuse.
- Overestimating Ourselves (“I’ve got this”): People often think they know more, are more skilled, or have more control over future events than they really do. Financially, this might mean believing you’ll easily earn more or manage your money perfectly to recover from any shortfall. This makes the idea of “making it back next month” feel certain.
- Outside Pressures Adding Fuel:
- Social Media’s Perfect Picture: Seeing idealized, expensive lifestyles online can create pressure to spend to keep up an image.
- Fear of Missing Out (FOMO): Worrying about missing out on experiences or popular items can lead to spending more than you can afford.
- Easy Spending Culture: When spending a lot is normal and credit is easy to get, it’s easier to justify going into debt.
- “I Deserve a Treat” Thinking: This is a common reason for overspending, especially after hard work, pushing the financial impact to the future.
These ways of thinking often work together. For example, being too optimistic (“Next month will be great financially”) can lead to a poor plan (“I’ll save an extra $500 easily”). This makes it easier to give in to a current desire (“I want this now”), all while feeling sure you can handle it (“I’m good with money”).
The Real Cost: Short-Term Problems and Long-Term Damage
Continuously putting off financial responsibility leads to real problems, both now and in the future.
Immediate Issues:
- Growing Debt: Overspending with credit cards or loans quickly leads to more debt, often with extra fees and interest. Easy credit makes this worse.
- Money Worries: Struggling with debt and bills causes a lot of stress and anxiety, which can affect your health.
- No Safety Net: Savings for emergencies get used up, leaving you unprotected when real crises happen, like a job loss or medical bill.
- Damaged Credit Score: Missed payments mean late fees and a lower credit score, making it harder to get loans or good interest rates later.
- Relationship Strain: Money problems can cause arguments with family, especially if debt is hidden or responsibilities aren’t met.
Long-Term Damage:
Research, including work by Professor Elaine Kempson, shows that people who constantly think “I’ll make it back next month” end up in a much worse financial situation over time compared to those who are careful about dipping into savings and save regularly.
- Stuck in a Debt Cycle: High interest and only making minimum payments can trap you in debt for years, making it hard to save or invest.
- Big Life Goals on Hold:
- Retirement: Not saving enough means you might not have enough money for retirement. Trying to “catch up” later is very hard.
- Owning a Home: Debt and a poor credit history can stop you from saving for a down payment or getting a mortgage.
- Investing: If your money is going to debt, you can’t invest to build wealth.
- Less Able to Handle Shocks: Without savings, you can’t cope with unexpected events like job loss or big repairs.
- Ongoing Mental Strain: Constant money stress can lead to more serious mental health issues. Some people start avoiding their money problems altogether, which only makes things worse.
This “I’ll make it back next month” habit makes people underestimate how much debt truly costs and overestimate their ability to pay it back. Each month recovery doesn’t happen, the problem gets bigger. It stops you from building good money habits like regular saving and careful spending.
Breaking Free: Practical Steps to Change Your Financial Habits
Overcoming this mindset takes effort, but it’s possible. Here’s how to build stronger financial habits:
1. Get the Basics Right: Budgeting, Tracking, and Clear Goals
- Make a Real Budget: Know exactly what money comes in and where it goes. List fixed costs (rent, loan payments), variable costs (groceries, utilities), and discretionary spending (fun money). A simple guide like the 50/30/20 rule (50% needs, 30% wants, 20% savings/debt payment) can help. Don’t forget to budget for occasional big bills or surprise costs.
- Track Your Spending Carefully: A budget isn’t enough. You need to see where your money actually goes. Use an app, a spreadsheet, or a notebook. Make sure every dollar is accounted for.
- Set SMART Financial Goals: Vague goals like “save more” don’t work well. Make them Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For example, “Save $5,000 for an emergency fund by December 31st.” Break big goals into smaller steps.
- Check and Adjust Regularly: Your financial plan isn’t set in stone. Review and update it when your income, expenses, or goals change.
2. Build Stronger Habits: Discipline, Mindful Spending, and Waiting for Rewards
- Develop Financial Discipline: Be consistent with saving and budgeting. Learn to tell the difference between what you truly need and what you just want, and prioritize needs.
- Spend Mindfully: Think before you buy. Avoid impulse purchases. Ask yourself if a purchase aligns with your long-term goals.
- Practice Delayed Gratification: Understand that waiting for something can lead to better rewards later. Try a “cooling-off” period, like waiting 24 hours before buying non-essential items.
- Automate Your Finances: Set up automatic transfers to your savings account as soon as you get paid (“pay yourself first”). Automate bill payments to avoid missing them.
3. Change Your Thinking: Challenge Harmful Thoughts
- Countering Optimism and Planning Problems: Get an outside opinion on your financial plans. Look at average outcomes for similar goals. Talking to friends or a professional can give a more realistic view.
- Dealing with “Want It Now” Feelings: Commit to a savings plan. Think about the long-term benefits of saving versus the short-term pleasure of spending.
- Checking Overconfidence: Be open to different opinions. Talk to a financial professional. Question your own assumptions about your ability to earn more or fix problems easily.
- See Emergency Spending as a Win: If you use savings for a real emergency, that’s what it’s there for! Be glad you had the savings and didn’t have to borrow money.
- Focus on Being Content: Appreciate what you have. This can reduce the urge to always buy new things.
4. Use Support: Get Help and Stay Accountable
- Talk to a Financial Professional: A qualified financial advisor can give you personalized advice on budgeting, saving, investing, and managing debt.
- Find an Accountability Partner: Share your financial goals with a trusted friend or family member. Regular check-ins can keep you on track.
- Learn More About Money: The more you understand personal finance, the better decisions you can make. This can also reduce financial stress.
- Join a Support Group: Online forums or local groups about personal finance can offer encouragement and shared experiences.
Making lasting changes usually means combining these steps. For example, a good budget helps you see if your financial hopes are realistic. Practicing delayed gratification helps fight the urge to spend now.
If you’re deep in this mindset, trying to change everything at once can be too much. Start with small, manageable changes and celebrate small successes. Track your spending for one week, or save a very small amount each payday. These small actions fight the habit of putting things off.
The “I’ll make it back next month” thought might seem small, but it can lead to big financial problems. It’s driven by how our minds work and pressures around us. It causes debt, stress, and can stop you from reaching your biggest life goals.
Understanding why this happens is the first step. Changing this habit takes time and effort. It means planning, spending wisely, changing your thinking, and sometimes getting help. By taking these steps, you can move from constantly trying to catch up to being in control of your money. This way, you can build a more secure and satisfying financial future.
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